Greater Noida authority cancels two allotments of realty firm for non-payment of dues - Hindustan Times
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Greater Noida authority cancels two allotments of realty firm for non-payment of dues

Nov 24, 2022 11:33 PM IST

Parsvnath Limited was supposed to build and deliver two projects allotted in 2006 and 2007 within 15 years, but it is yet to begin any construction at the site and did not pay ₹281 crore financial dues despite repeated notices

The Greater Noida authority said on Thursday that it has decided to cancel the allotment and seize properties of realtors who have not paid land dues even after being issued several notices. Intensifying the drive against defaulting realtors, the authority cancelled the allotment of two group housing plots of realty firm Parsvnath Limited as it has not paid its dues and also not begun any construction on the project in the past 15 years.

A Parsvnath Developers project in Gurugram. (HT Archive)
A Parsvnath Developers project in Gurugram. (HT Archive)

The authority has so far issued recovery notices to 143 housing and 15 commercial projects across the city to recover its land dues. The authority’s chief executive officer, Ritu Maheshwari, held a meeting on Thursday with the group housing department officials and discussed the issues pertaining to realty projects that are defaulting on payment of dues. The authority is planning ways to recover its money in projects where the realtor has sold flats to homebuyers and defaulted on land cost dues.

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“The authority is considering measures to claim dues in projects, where third party rights are created by selling flats to homebuyers. The authority will cancel the allotment in cases of repeated default and take possession of the property of realtors,” said Saumya Srivastava, the officer on special duty of the Greater Noida authority.

The authority had allotted 1 lakh square metres in 2006 for a housing project and another housing plot of 35,000 square metres in 2007. Parsvnath Limited was supposed to build and deliver these two projects within 15 years, but it is yet to begin any construction at the site and did not pay 281 crore financial dues despite repeated notices issued over many years, said officials. The realty firm has paid only 11 crore against the two plots so far.

Parsvnath Limited could not be reached for comment despite repeated attempts.

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